Question: Near the end of its scal year a not for pro t university
Near the end of its ﬁscal year, a not-for-proﬁt university was awarded a $2 million National Science Foundation grant to conduct biological research. Yet, consistent with GAAP, the college made no accounting entries with respect to the grant until the following year. How can you defend an accounting principle that permits an institution to avoid recording such a signiﬁcant amount of revenue?
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